{"id":1004067365,"date":"2013-02-15T07:35:50","date_gmt":"2013-02-15T15:35:50","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=102859"},"modified":"2022-12-08T02:23:41","modified_gmt":"2022-12-08T10:23:41","slug":"massachusetts-commits-to-67-million-for-23-affordable-housing-developments-across-the-state","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/massachusetts-commits-to-67-million-for-23-affordable-housing-developments-across-the-state\/","title":{"rendered":"Massachusetts Commits to $67 Million for 23 Affordable Housing Developments Across the State"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Veronica Grecu, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\">Keeping up with the state\u2019s efforts to support new housing developments, the Patrick-Murray administration revealed last week it has committed $67 million in affordable housing resources and tax credits that would back 23 developments in 21 communities across Massachusetts. The announcement was made by Secretary of Housing and Economic Development Greg Bialecki, who attended an official event held at 525 Beach Street in Revere, where a 30-unit affordable housing community will be built with the support of $2.2 million in state financing.<\/p>\n<p style=\"text-align: justify\">The $67 million investment\u2014which consists of more than $9 million in federal low-income housing tax credits, $7.7 million in state low-income housing credits and $47.7 million in state and federal housing program subsidies\u2014is estimated to create 1,326 new housing units and more than 1,700 construction jobs.<\/p>\n<p style=\"text-align: justify\">1,164 units will be affordable to low- and moderate-income individuals and families, with 298 units designed for extremely low-income families and individuals recovering from homelessness.<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/02\/supply-and-demand-boston.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-102860\" title=\"supply and demand boston\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/02\/supply-and-demand-boston.jpg\" alt=\"\" width=\"300\" height=\"210\" \/><\/a><\/p>\n<p style=\"text-align: justify\">\u201cHaving good, affordable housing at every level is important to our continued economic recovery, as we work to make sure we maintain our strong, well-trained young workforce,\u201d said Secretary Bialecki in the press statement.<\/p>\n<p style=\"text-align: justify\">The announced funding is handled by the Department of Housing and Community Development and will support projects in Boston, Barnstable, Cambridge, Brockton, Chelsea, Framingham, Holyoke, Easthampton, Mashpee, Marion, Watertown, Revere, Rockport, Northampton, Pittsfield, Webster, Springfield, Williamsburg and Chesterfield and Winthrop.<\/p>\n<p style=\"text-align: justify\">According to a market report by Marcus &amp; Millichap, new residential construction in\u00a0 the Boston Metro Area is expected to climb (at least over the next three years) thanks to higher rents and a vacancy decrease of 170 basis points in the last two years.<\/p>\n<h6 style=\"text-align: justify\"><em>Chart courtesy of Marcus &amp; Millichap<\/em><\/h6>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Keeping up with the state&rsquo;s efforts to support new housing developments, the Pattrick-Murray administration revealed last week it has committed $67 million in affordable housing resources and tax credits that would back 23 developments in 21 communities across Massachusetts.<\/p>\n","protected":false},"author":258,"featured_media":1004506880,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21742],"tags":[1815],"class_list":["post-1004067365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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